City of Phoenix Receives Positive Upgrade from Fitch Ratings

City of PhoenixOne of the world’s top credit rating agencies, Fitch Ratings, has increased Phoenix’s already high general obligation (GO) bond credit rating from AA+ to now AAA.   Fitch recognizes Phoenix’s fiscal stability and financial performance, along with the prudent oversight of managing the finances of the fifth largest city in the country.

The announcement from Fitch references upgraded GO bonds of several Arizona cities and school districts based on recent amendments to state law that became effective this week, providing added layers of security to general obligation debt in Arizona.  According to Fitch Ratings, “this legislation provides a statutory lien on property taxes and provides bondholders with preferential right in a bankruptcy proceeding.”

“Phoenix views this upgrade as a vote of confidence from Fitch Ratings that endorses the city’s financial planning and management,” said Denise Olson, Phoenix’s Chief Financial Officer. “This is good news because ratings affect future financial decisions such as lowering debt or borrowing, and having confirmation from Fitch substantiates impending decisions.”

For more information on Phoenix’s finances, visit phoenix.gov/finance.

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